News

In the days and weeks ahead, TSCL will be keeping a close eye on the evolving tax reform discussions on Capitol Hill and we will continue to advocate for policy options that would ensure the financial security of older Americans, like the three mentioned in last week's legislative update. For progress updates, visit the Legislative News section of our website or follow TSCL on Facebook or Twitter..According to the Congressional Research Service, older noncitizens who were assigned a Social Security number before January 1, 2004, are not required to have ever received authorization to work in the United States at any point to qualify for Social Security benefits. In other words, those individuals may have worked illegally their entire career and may still file a claim for Social Security, and all their illegal earnings will be counted..2020 Social Security Trustees Report, April 22, 2020. "COVID-19 May Deplete Social Security Trust Funds This Decade," Nicko Gladstone, Shai Akabas, Bipartisan Policy Center, April 22, 2020..The study examined the increase in costs of 39 key items between 2000 and January 201The items were chosen because they are typical of the costs of most Social Security recipients, and include expenditures like the Medicare Part B premium, that are not measured by the index currently used to calculate the COLA. Of the 39 items analyzed, 25 exceeded the percentage of increase in the COLA over the same period. "This study illustrates why legislation is needed to provide a more fair and adequate COLA," Johnson says. "To put it in perspective, the same 0 worth of groceries that a retiree household could buy in 2000, can only buy worth today," Johnson adds..With work authorization, and if she starts a job under her valid Social Security number, her employers are required to withhold taxes and report earnings into the system. Under this situation Social Security will receive new taxes and the mother would become eligible for retirement benefits based on her own account with about ten years of covered work. She could file a claim for benefits once she meets age requirements..The bill would provide critical savings to millions of older taxpayers with modest incomes below the new threshold amounts. But, as frequently can happen when legislation is under deliberation, progress on the bill was recently put on hold. Lawmakers are considering how the revenues to the Social Security and Medicare Trust Fund would be allocated, and from where replacement revenues lost due to the tax cut would come..More than 1,057 respondents participated in The Senior Citizens League's annual senior survey, which was conducted from January through March of this year. Participants confirmed that monthly household expenses made steep increases over the past year, far in excess of the dollar amount that their COLAs increased benefits. More than half, 56%, indicated their monthly expenses went up by more than Yet 50% of survey respondents said that their COLA increased benefits less than per month, after the increased Part B premium for 2018 was deducted from their Social Security benefits..Who will be affected by higher Part B costs? According to the Congressional Research Service, they include:.I realize this is a serious problem, and I'll try to get some help for it, but first I'll check my e-mail.